Lael Brainard slams food companies for ‘shrinkflation' as White House attacks price gouging

Lael Brainard blamed higher consumer prices on "shrinkflation," amplifying President Biden 's latest line of attack against corporate price gouging.

Consumer brands like Coca-Cola , PepsiCo , Procter & Gamble and more have raised prices over the past year to help keep profits afloat.

Brainard 's comments came hours after the consumer price index showed inflation trending above expectations, coming in 0.3% higher in January .